The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan (HPML).

Banks, savings associations and credit unions are not subject to HMDA for a calendar year if their assets as of December 31 of the prior calendar year did not exceed an asset threshold.… Continue Reading

The CFPB recently approved an application (Application) from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule for construction-to-permanent loans. The Application is for a Trial Disclosure Program Waiver Template (TDP Waiver Template).… Continue Reading

The CFPB recently announced that it is revising the methodology used to determine average prime offer rates (APORs).  The revised methodology is available on the website of the Federal Financial Institutions Examination Council (FFIEC). Both the revised methodology and prior methodology are available on the FFIEC website.

The CFPB has used information from the Freddie Mac Primary Mortgage Market Survey® (PMMS) on three products (30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and five-year variable-rate Mortgages), and pricing data from CFPB’s own internal survey on one-year variable-rate mortgages, to calculate APORs on a weekly basis for various loan products. … Continue Reading

The CFPB recently announced that it is seeking input on a trial disclosure sandbox application from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule for construction and construction-to-permanent loans.  The application is a template application, which means that if even approved by the CFPB it will not actually be operative. … Continue Reading

The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan (HPML). 

Banks, savings associations and credit unions are not subject to HMDA for a calendar year if their assets as of December 31, of the prior calendar year did not exceed an asset threshold. … Continue Reading

A divided panel of the U.S. Court of Appeals for the Eleventh Circuit in Daniels v. Select Portfolio Servicing, Inc. held last week that monthly mortgage statements required under the Truth in Lending Act and Regulation Z can constitute communications in connection with the collection of a debt under the Fair Debt Collection Practices Act (FDCPA) and the Florida Consumer Collection Practices Act (FCCPA). … Continue Reading

The CFPB recently issued a factsheet addressing how prepaid interest, also referred to as per diem interest, factors into the calculation of the annual percentage rate (APR) for certain adjustable rate mortgage (ARM) loans and step-rate loans for purposes of assessing qualified mortgage (QM) loan status under the revised general QM rule.… Continue Reading

(Ballard Spahr will hold a webinar on 9/21 at 3pm ET, “The Path Forward for Income Share Agreements.” Register online here.) 

The CFPB issued a consent order against an income share agreement (ISA) provider, Better Future Forward (BFF), in which it concluded that BFF’s ISAs are extensions of credit under the Consumer Financial Protection Act and Truth in Lending Act and are “private education loans” under TILA. … Continue Reading

As previously reported, the creation on June 17, 2021 of the Juneteenth National Independence Day resulted in an important change under the Truth in Lending Act (TILA) and Regulation Z. The CFPB recently issued an interpretive rule to address certain issues based on the change.

There is a specific definition of “business day” under Regulation Z for certain purposes, including the right of rescission period, the waiting periods that apply to the TRID rule disclosures, the period after which consumers are deemed to receive TRID rule disclosures that are not delivered in person, the date that private education loan disclosures mailed to the consumer are deemed to be received, and the date that the right to cancel a private education loan expires.… Continue Reading

As previously reported, the bill signed into law by President Biden on June 17, 2021 to create the Juneteenth National Independence Day actually results in an important change under the Truth in Lending Act (TILA) and Regulation Z.  There is a specific definition of “business day” under Regulation Z for certain purposes, including the waiting periods that apply to the TRID rule disclosures and right of rescission, the date that private education loan disclosures mailed to the consumer are deemed to be received, and the date that the right to cancel a private education loan expires. … Continue Reading